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The Latest Breaking News from the World Bank

World Bank offers dim outlook for the global economy in face of higher interest rates

The global economy is likely slowing sharply this year, hobbled by high interest rates, the repercussions of Russia’s invasion of Ukraine and the lingering effects of the coronavirus pandemic

The Independent UK

Poorest countries are biggest losers from economic shocks, says World Bank

Combined impact of Covid crisis, Ukraine war and tough measures by central banks taking heavy toll

The Guardian - UK

New Lowy South-East Asia Aid Map finds China overtaken as largest provider of development money in region

New research finds China has surrendered its position as the largest single provider of development finance in South-East Asia in the wake of the COVID-19 pandemic.

ABC News

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World Bank's new chief asks staff to 'double down' on development, climate efforts

The World Bank's new president Ajay Banga on Friday asked the lender's 16,000 staff to "double down" on development and climate efforts as he seeks to accelerate the bank's evolution to tackle the most pressing global problems.

Reuters

South Africa's role as host of the BRICS summit is fraught with dangers. A guide to who is in the group, and why it exists

South Africa will host the BRICS summit in August 2023. The event could offer the country an opportunity to exercise leadership in the BRICS’ efforts to reform the arrangements for global economic governance and in supporting sustainable and inclusive development in Africa and the Global South. However, the opportunity has…

The Conversation

African countries agree major soil fertiliser deal to combat food crisis

Seventeen countries in West Africa and the Sahel have agreed a deal to make soil fertilisers more accessible and affordable. The region, heavily dependent on imports, is facing a major food crisis that has been exacerbated by climate change.

Radio France Internationale

Albanese government urged to push international banks to stop funding fossil fuel development

Exclusive: Report claims Australia’s shareholdings in development banks has made it responsible for investing $828m in fossil fuel projects over five years

The Guardian - AU

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World Bank lends $50.8 million to cut air pollution in Bosnian region

The World Bank has approved a 46.1 million euro ($50.8 million) loan to help Bosnia's autonomous Bosniak-Croat Federation tackle alarming air pollution and its health and economic consequences, the bank said on Wednesday.

Reuters

World Bank approves $1 billion loan to Kenya

The World Bank said on Tuesday it approved a $1 billion loan to Kenya to support its budget as East Africa's economic powerhouse confronts high debts and a weakening currency.

Reuters

Thailand must raise revenue to boost spending: World Bank

Thailand must bolster its revenue collection in the long term to meet growing public spending needs stemming from an ageing population, according to the World Bank.

Bangkok Post

Thai economy resilient, on path to full recovery: Arkhom

Thailand's economy is on a solid path to recovery and showing resiliency, helped by good revenue collection and a normalisation of its tourism sector, while inflation should come in below 3% this year, the finance minister said on Monday.

Bangkok Post

World Bank approves $300 million financing to help poor people in Lebanon

The World Bank has approved a $300 million additional financing to Lebanon's poor, giving cash to families struggling in the country’s historic economic meltdown

The Independent UK

As drought withers Tunisian fields, state feels financial pinch

As rains failed, Tunisian farmers watched their crops wither this spring, harvesting early to salvage some as animal feed and piling costs on a state struggling to afford wheat imports with bakeries running out of bread.

Reuters

60 years of African unity: what's failed and what's succeeded

Africa Day this year marks 60 years since the founding of the Organisation of African Unity (OAU). The anniversary begs the question: How much of the vision of the OAU’s founding fathers has been realised 60 years on? What would not be there but for the efforts of the organisation…

The Conversation

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The Times of India

India-Australia relationship is based on mutual trust and mutual respect:PMModi

Mutual trust and respect foundation of India-Australia ties: PM Modi

Reuters

World Bank suspends $1 billion worth of project funding in Congo

The World Bank has suspended funding for humanitarian and development projects in Democratic Republic of Congo worth more than $1 billion after the government dissolved the project fund without warning, the lender said.

The Hindu

World Bank grant to help set up AI cameras, traffic management systems in Himachal Pradesh’s Shimla and Nurpur

The World Bank has approved a grant of ₹51 crore to set up an integrated road safety enforcement system in Shimla and Nurpur police districts and develop the Palampur-Sheela chowk in Kangra as a “safe corridor”, officials said here.

Al Jazeera

Pakistan’s reeling economy takes new hit from protests

Firms and gig workers see losses piling up amid internet shutdowns in big cities.

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Bangkok Post

How to finance the needs of the common good

The Internationa Monetary Fund (IMPF) and the World Bank recently held their annual spring meetings, which, according to the organisers, produced a "strong message of confidence and a willingness to cooperate". But lofty rhetoric and good intentions will not be enough to create a truly inclusive and sustainable economy fit…

The Conversation

Nigeria's fuel subsidy: it's time to kill it and spend the money in ways that benefit the poor

Nigerians are being hit from all sides by a combination of factors that are making their lives increasingly difficult. These include rising cost of living which is reflected in double-digit inflation, stagnant wages, non-payment or the late payment of salaries, a cash crunch and fuel scarcity.

The Hindu

Morning Digest | Late night scuffle between wrestlers, Delhi police at Jantar Mantar; Ajay Banga becomes World Bank chief unopposed, and more

The Hindu’s Morning Digest brings readers a select list of stories to start the day

The Independent UK

Ex-Mastercard CEO Ajay Banga confirmed as World Bank leader

Former Mastercard CEO Ajay Banga, an Indian army officer’s son with decades of corporate experience, has been confirmed to lead the World Bank for a five-year term that starts next month

WEKU

Tracking the impact of U.S.-China tensions on global financial institutions

NPR's Steve Inskeep asks the president of a China-led development bank about the impact of the friction between the U.S. and China.

Asharq Al-Awsat

World Bank: Lebanon Tops World’s Food Price Inflation Rate

In its latest reports on food security around the world, the World Bank said that Lebanon recorded the highest nominal food price inflation rate in the world during the February 2022 – February 2023 period. The country registered 261% annual change in the food Consumer Price Index (CPI), followed by…

Asharq Al-Awsat

Saudi Arabia Makes Great Strides in Global Logistics Services

Saudi Arabia has jumped 17 ranks in the World Bank’ Logistics Performance Index (LPI) 2023, which allows it to attract more investments, and increase the volume of exports, imports, and international trade, experts told Asharq Al-Awsat. The Kingdom’s progress in the international index came after achieving large leaps in several…

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